U.S Dollar down on Fed Dovish comments
Mar 19th 2015
The dollar declined to the lowest level in 3 weeks, and the EUR/USD recovered slightly toward $1.10 after the release of FOMC statement and Yellen dovish comments due yesterday later.
As market has expected, the U.S. central bank dropped the word "patient" from its statement in terms of raising interest rates, while the bank has downgraded the U.S economic and inflation outlook for this year, which may delay the hiking of the interest rates later in this year. On the other hand, U.S stocks recovered significantly, for example: the Dow Jones industrial average climbed more than 240 points higher, the NASDAQ briefly hit 5,000 and the S&P 500 also briefly topped 2,100 points.